Tips on buying a new home in Minneapolis-St. Paul, MN
Minneapolis Home Buying Heats Up With Spring
Realty Times Feature Article by Blanche Evans
Minneapolis is trying to shake off the cold winter by moving into a spring buyer's market. Agents say homes are selling -- but pricing correctly is key for sellers, while low interest rates still favor buyers.
Realtors Cindy and Joe Niece report that "the market has changed from a very strong sellers' market to a more neutral market. Minneapolis has it all, from very low-priced starter homes to outrageous multi-million dollar spreads. Affordable homes are selling very fast if they are priced correctly. If you are looking for a starter home in Minneapolis, make sure you are looking every day or have someone else looking for you. Prequalification is a must if you are looking for a good deal, and you need to get out and see homes as soon as they come on the market."
The Nieces' advice for sellers is, "If you are selling a home, start the selling process before you start looking. If you can't, make sure your home is ready to be put on the market immediately. This is the perfect time for first-time buyers and buyers that are looking for a bigger home to get into the market. The interest rates are just icing on the cake."
"We are seeing more and more price reductions and incentives offered to buyers," says Realtor Angela Larson. "Particularly in the condo/townhouse market, where I specialize, prices seem to be leveling a bit, and the choices seem to be more plentiful. While there is still plenty of higher-end new construction taking place, the affordable or 'low-end' properties are becoming more and more scarce."
Click here to read more about the Minneapolis-St.Paul market
Buying New Makes Sense
One quick glance at today's headlines, and it's no wonder that, as concerned consumers, we're pinching pennies more than ever. In a recent survey conducted by HSBC Bank USA, 64 percent of us plan to cut unnecessary spending this year. And, in a similar survey by Discover Financial Services, about half of consumers plan to cut down on such non-essential spending as dinners out and movies - even remodeling.
Still, when it comes to buying a house - something that many consumers are doing because of the many good deals to be had in a slow market - most of us prefer new. Even better, buying a new home also makes good financial sense. New homes offer countless advantages for consumers when it comes to saving money. Perhaps the biggest plus is that, since they're brand-new, the maintenance headaches that often accompany maintenance - as with older homes - simply don?t exist, and won't for a while.
New homes also use the latest in whole-house systems, like heating and air conditioning, so they're not likely to break down, saving consumers money. They're also more energy-efficient, which is also good for saving lots of green. Speaking of green, with interest rates that aren?t too far away from historic lows (just over 6 percent for a 30-year fixed mortgage as of March 11), consumers can also save money on new home mortgages. And, since mortgage interest and real estate taxes are deductible, it's another way to save money by buying a new home, especially when it comes to tax time.
Click here to read more about "Why You Should Buy New".